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Urals Energy shares skyrocket after reserves report

Published: 16:34 02 Oct 2014 BST

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Urals Energy (LON:UEN) more than doubled in value on Thursday as the oil company unveiled new reserve reports for the Petrosakh and Arcticneft joint ventures in Russia.

The report showed a total proved reserve of  31.7mln barrels representing a undiscounted future net revenues of US$ 468.9 mln.

The proved developed producing reserve at the two fields is 4.35 million barrels, representing undiscounted future net revenues of US$95.4 mln.

Chief executive Alexei Maximov the report provided "a conservative estimate of the reserve base. In addition, the report provides solid ground for future development of both fields as well as confirming the existing programme aimed at reducing the natural decline in production, implemented by the company".

Urals shares gained 132% to 7.25p.

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